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According to Morgan Pryce, the London Commercial Property Agent, the imminent completion of the Crossrail development may turn Farringdon into one of the most favoured locations for companies looking for offices in Central London.
Crossrail will provide a new train line across London with 37 stations linking the east and west of London. Demand for offices in London which are situated near future Crossrail stations is expected to rise significantly, with the most dramatic increase predicted to be in relation to offices in Farringdon, according to Morgan Pryce.
In the last six months, early anticipation of Crossrail’s arrival has driven average prime rents of offices in Farringdon – which generally provide character space and attract tech and media companies – from £35 per square foot to £42.50 per square foot. Tom Lax, surveyor at Morgan Pryce, believes, “Demand for offices in Farringdon will continue to rise as the completion of Crossrail nears.”
Two of the largest London office development sites exist in Farringdon: at Mount Pleasant Royal Mail and at the former Guardian newspaper headquarters. This investment highlights the expected demand for office space in Farringdon. However, Rhodri Mason, of Morgan Pryce, predicts, “I believe there will still be a shortage of quality space for offices in Farringdon once the Crossrail development is completed.”
There are offices in Farringdon which will be situated at the intersection of a new east-west and north-south axis, making it possible to connect directly with three of London’s five airports. Farringdon is destined to be one of London’s busiest train stations, and it will become a key link in bringing passengers from outside London to offices in the City and to offices in Canary Wharf.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.